ALSO READRInfra transfers western region ops to its arms ahead of sale to Adani Adani Transmission up 10% on signing agreement with Reliance Infra Adani may buy RInfra's Mumbai power business Power transmission to catalyse climate change goals Adani Group shares gain; Adani Transmission hits new high
Reliance Infrastructure on Wednesday announced the completion of the sale of its transmission assets to Adani Transmission Limited for Rs 1,000 crore, proceeds of which would be utilised towards debt reduction. Post takeover of the RInfra assets, the total transmission portfolio of Adani Transmission would be 11350 ckt Km or circuit kilometres. Sale of two SPVs (Western Region System Strengthening Scheme (WRSSS) Transmission Undertakings to Adani Transmission is complete with the deal valued at Rs 1,000 crore.
The entire proceeds from the stake sale shall be utilized for debt reduction, Reliance Infrastructure said in a statement.With this acquisition, the cumulative network of Adani Transmission will reach around 11350 ckt Km, out of which approximately 9000 ckt Km is under operation (including 458 ckt Km under the process of acquisition) and approximate 2350 ckt Km under various stages of construction, Adani Transmission said in a separate press statement. Western Region Transmission Maharashtra (WRTM) project comprises 2089 Ckt-km of transmission lines including 400 kV D/C Pune - Aurangabad, 400 kV D/C Solapur - Kolhapur, 400 kV D/C Solapur - Parli and 400 kV D/C Parli - Pune Western Region Transmission Gujarat (WRTG) project comprises of 974 Ckt km of transmission lines - 400 kV D/C Limbdi -Vadavi, 400 kV D/C Vadavi- Kansari, 400 kV D/C Rajgarh - Karamsad and associated assets. In December 2016, Reliance Infra signed a Share Purchase Agreement with Adani Transmission for 100 per cent sale of its WRSSS transmission assets. The deal has now been completed with the transfer of shares and receipt of sale consideration. The proposed transaction will strengthen Adani Transmission's footprint in the power transmission sector and also mark its foray into the distribution space, the company said.